SC REALTORS Remove Repair Procedures from South Carolina Real Estate Contracts – Now Just Due Diligence Regarding Repair Requests
The South Carolina REALTORS Association has decided to remove the Repair Procedures language from South Carolina real estate contracts effective June 13, 2022. Along with that they also removed the “As-Is” part of the contract as well. What remains is strictly a Due Diligence component where the buyers and sellers will agree to a specific date whereby all inspection related items must be resolved. They buyer can back out or continue to negotiate as long as they do so before the Due Diligence deadline in the contract. If they back out, they have to deliver a Notice of Termination Form #313 along with the agreed upon Termination Fee to the Seller prior to the expiration of the Due Diligence period.
I personally like this change. I think it will help all parties in their negotiations and making sure there aren’t any misunderstandings causing hard feelings or possibly jeapardizing the transaction.
Remember the Earnest Money is completely separate from the Termination Fee. Earnest Money go to a trust account whereas the Termination Fee will go to the Seller.
Here’s a short video that explains the changes to the contract.
About The Author
John Murphy
Husband of 34 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 15-31 and 5 grandchildren. I’ve been a licensed REALTOR since 2003 and broker since 2007. I also am a cost segregation specialist helping building owners and real estate investors maximize their tax deductions, save thousands on their income taxes and increase their cash flow. If you’re a building owner you probably haven’t done a study…let’s connect. There is no obligation. We can run an estimate for you and really every building should be evaluated if the basis is over $150,000. I can work all over the country and not just here in the Upstate. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either eXp Realty LLC, Cost Segregation Services, Inc. or any other company, organization or group that I might be affiliated with.